Genel Energy shares Kurdistan payout at Tawke field

Genel Energy noted an announcement from DNO ASA on Monday, which said - as operator of the Tawke field - that the Tawke field partners have received a payment of $30m from the Kurdistan Regional Government for oil sales during June 2016.

The company said the payment reflects part settlement of the invoiced amount of $38.41m for June 2016 Tawke oil sales.

“This figure incorporates $32.21m towards contractor monthly entitlement and $6.19m towards recovery of historical receivables,” Genel’s board said in a statement.

“The payments will be shared pro-rata by DNO and Genel,” it confirmed.

Reported production at Tawke in June averaged 114,384 barrels of oil per day, of which 113,601 bopd were earmarked for export.